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LORROSE LIMITED

Unaudited Financial Statements

for the Year Ended 31st March 2023






LORROSE LIMITED (REGISTERED NUMBER: 01182756)






Contents of the Financial Statements
for the year ended 31st March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LORROSE LIMITED

Company Information
for the year ended 31st March 2023







DIRECTORS: M C Snelson
P Snelson
R M Snelson





SECRETARY: P Snelson





REGISTERED OFFICE: Ground Floor
54 Hamilton Square
Birkenhead
Wirral
CH41 5AS





REGISTERED NUMBER: 01182756 (England and Wales)





ACCOUNTANTS: Haines Watts Wirral Limited
1 Abbots Quay
Monks Ferry
Birkenhead
Merseyside
CH41 5LH

LORROSE LIMITED (REGISTERED NUMBER: 01182756)

Balance Sheet
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 480 600
Investments 5 233,773 233,773
Investment property 6 3,253,421 3,253,421
3,487,674 3,487,794

CURRENT ASSETS
Debtors 7 83,167 93,227
Cash at bank 133,386 260,153
216,553 353,380
CREDITORS
Amounts falling due within one year 8 118,793 157,096
NET CURRENT ASSETS 97,760 196,284
TOTAL ASSETS LESS CURRENT LIABILITIES 3,585,434 3,684,078

CREDITORS
Amounts falling due after more than one
year

9

2,074,757

2,096,690
NET ASSETS 1,510,677 1,587,388

CAPITAL AND RESERVES
Called up share capital 1,330 1,330
Fair value reserve 11 691,416 691,416
Retained earnings 817,931 894,642
SHAREHOLDERS' FUNDS 1,510,677 1,587,388

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LORROSE LIMITED (REGISTERED NUMBER: 01182756)

Balance Sheet - continued
31st March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th January 2024 and were signed on its behalf by:





M C Snelson - Director


LORROSE LIMITED (REGISTERED NUMBER: 01182756)

Notes to the Financial Statements
for the year ended 31st March 2023

1. STATUTORY INFORMATION

Lorrose Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:

-Fair value of investment property.

Turnover
Turnover represents gross rents receivable and net invoiced sales of services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Debtors and creditors (including directors' loans)are measured at the undiscounted amount of cash or other consideration expected to be paid.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


LORROSE LIMITED (REGISTERED NUMBER: 01182756)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and loans to related parties.

Debt instruments (other than those wholly repayable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement and retained earnings.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Finance costs
Finance costs are charged to the income statement and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

LORROSE LIMITED (REGISTERED NUMBER: 01182756)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st April 2022
and 31st March 2023 28,103
DEPRECIATION
At 1st April 2022 27,503
Charge for year 120
At 31st March 2023 27,623
NET BOOK VALUE
At 31st March 2023 480
At 31st March 2022 600

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st April 2022
and 31st March 2023 233,773
NET BOOK VALUE
At 31st March 2023 233,773
At 31st March 2022 233,773

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2022
and 31st March 2023 3,253,421
NET BOOK VALUE
At 31st March 2023 3,253,421
At 31st March 2022 3,253,421

Fair value at 31st March 2023 is represented by:
£   
Valuation in 2022 691,416
Cost 2,562,005
3,253,421

LORROSE LIMITED (REGISTERED NUMBER: 01182756)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

6. INVESTMENT PROPERTY - continued

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,562,005 2,562,005

Investment property was valued on an open market basis on 31st March 2022 by M C Snelson .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 83,167 93,227

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 53,922 99,764
Taxation and social security 5,021 19,598
Other creditors 59,850 37,734
118,793 157,096

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 2,074,757 2,096,690

Amounts falling due in more than five years:

Repayable by instalments
Bank loans +5 years 1,859,068 1,755,985

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 14,588
Bank loans 2,128,679 2,181,866
2,128,679 2,196,454

Bank loans and overdrafts are secured on the company's investment property.

LORROSE LIMITED (REGISTERED NUMBER: 01182756)

Notes to the Financial Statements - continued
for the year ended 31st March 2023

11. RESERVES
Fair
value
reserve
£   
At 1st April 2022
and 31st March 2023 691,416

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2023 and 31st March 2022:

2023 2022
£    £   
M C Snelson and P Snelson
Balance outstanding at start of year - 5,256
Amounts repaid - (5,256 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Included in other creditors is an amount of £40,018 (2022 - £2,010) owed to the directors.

13. RELATED PARTY DISCLOSURES

Included in Other Debtors (note 8) is the sum of £83,167 (2022 - £64,056) due from Brick Investments Limited, a company controlled by R M Snelson, son of M C Snelson and P Snelson.